BANK ACCOUNTS

Form ‘B’
Profit and Loss Account
Current Previous
Schedule
Year Year
No.
Rs. Rs.
I Income:
Interest Earned 13 xxx
Other Income 14 xxx

Total
II Expenditure:
Interest Expended 15 xxx
Operating Expenses 16 xxx
Provision and Contingencies xxx

Total
III Profit/Loss:
Net Profit/Loss (-) for the Year xxx
Profit/Loss (-) brought forward xxx

Total
IV Profit & Loss Appropriation:
Transfer to Statutory Reserves
xxx
(25% on Net profit)
Transfer to Other Reserves xxx
Transfer to Govt./Proposed Dividend xxx
Balance carried over to Balance Sheet xxx
xxx
Total

Schedule No- 13 Interest Earned

Particular Year ended on Year ended on
31st march 31st march
(current year) (previous year)
Interest on cash credit
Interest on over draft
Interest on advances and loans
Income on investment
Interest received on balance with RBI
Discount on bill
Less : closing rebate on bill discounted
Add : opening rebate on discount
 Schedule No- 14 Other Incomes
Particular Year ended on Year ended on
31st march 31st march
(current year) (previous year)
Commission, brokerage and exchange
Rent received
Transfer fees
Locker rent
Profit on sales on investments
Less: loss on sale of investments
Profit on Revaluation of investment
Less : loss on revaluation on investment
Profit on sale of asset
Less: loss on sale of asset

Schedule No- 15 Interest Expanded

Particular Year ended on Year ended on
31st march 31st march
(current year) (previous year)
Interest on deposits
Interest on RBI/ inter bank borrowings
Interest on cash certificates
Interest paid
Schedule No- 16 Operating Expenses
Particular Year ended on Year ended on
31st march 31st march
(current year) (previous year)
Salary and allowances
Rent , rate , insurance , lighting and taxes
Printing and stationary
Advertisement and publicity
Depreciation on bank property
Directors fee , allowance and expenses
Auditor fee, allowance and expenses
Law charges and legal charges
Postage , telegram , telephone etc
Repair and maintenance to bank property
Insurance
Local committee fees and allowances
Provident fund and contribution
Establishment expenses
Sundry expenditure

Provision and contingencies

Particular Year ended on Year ended on
31st march 31st march
(current year) (previous year)
Bad debts written off
Provision for bad and doubtful debts
Provision for taxation
 Form ‘B’
Form at Balance Sheet
Current Previous
Schedule
Year Year
No.
Rs. Rs.
Capital and Liabilities:
Share Capital 1
Reserves and Surplus 2
Deposits 3
Borrowings 4
Other Liabilities and Provisions 5

Total
Assets:
Cash and Balance with RBI 6
Balance with Banks and Money at call
7
and short notice
Investment 8
Advances & Loans 9
Fixed Assets 10
Other Assets 11

Total
Contingent Liabilities 12
Bills for Collections

Schedule No.1- Share Capital

Particulars Schedule Current Year

No. Rs.
Authorized capital
Subscribed capital
Paid up capital
Less: calls in arrears
Schedule No.2- Reserves and Surplus

Particulars Schedule Current Year

No. Rs.
Statutory reserve
Contingency reserves
Closing profit and loss a/c balance
General reserve and reserve fund
Investment fluctuation fund
Capital reserves
Securities premium
 Schedule No.3 - Deposits

Particulars Schedule Current Year

No. Rs.
1.Demand deposits: Saving bank a/c deposits
Current a/c deposits
2. Time deposits: Fixed deposits
Recurring deposits
Cash certificated
Other deposits
Schedule No.4 - Borrowings

Particulars Schedule Current Year

No. Rs.
Borrowings in India
Borrowings outside India
Short Loans
Loans(cr.)
Schedule No.5 - Other Liabilities and Provisions

Particulars Schedule Current Year

No. Rs.
Rebate on bill discounted(closing)
Bad debts written off
Provision for bad and doubtful debts
Provision for taxation
Bills payable
Sundry creditors
Unclaimed dividend
Telegraphic transfer payable
Bank drafts
Schedule No.6 - Cash and Balance with RBI

Particulars Schedule Current Year

No. Rs.
Cash in hand
Cash balance with RBI
Schedule No.7 - Balance with Banks and Money at call and short notice

Particulars Schedule Current Year

No. Rs.
Cash balance with other bank
Money at call and short notices
Schedule No.8 - Investment

Particulars Schedule Current Year

No. Rs.
Investment in India
Investment outside India
Investment in government securities
Investment in share, debentures and bonds
Investments in other securities
 Schedule No.9 - Advances & Loans

Particulars Schedule Current Year

No. Rs.
Advances
Cash credit
Overdrafts
Bill purchased
Bill discounted
Owing by foreign correspondents
Loans
Schedule No.10 - Fixed Assets

Particulars Schedule Current Year

No. Rs.
Land and buildings
Furniture, fittings and fixtures
Premises
Freehold and lease hold property
Schedule No.11 - Other Assets

Particulars Schedule Current Year

No. Rs.
Stock of stationary
Interest accrued
Non- banking assets
Schedule No.12 - Contingent Liabilities

Particulars Schedule Current Year

No. Rs.
Endorsements, acceptance and guarantee
Liability for customer acceptances
Acceptances on behalf of customers
Letter of credit issued
Bills for Collections

Particulars Schedule Current Year

No. Rs.
Bills for collection
Endorsement on bills for collection
 Insurance Company Account
Correct Life Assurance Fund

Particular Amount Amount

Life assurance fund as ascertained Xxx
Add : Interest and dividend accrued on investment xxx
Interest accrued on securities xxx
Bonus in reduction of premium xxx
Outstanding Premium xxx
Claims covered under reinsurance xxx
Claims of last year paid this year xxx
Claim outstanding written back xxx
Reinsurance recoveries xxx Xxx
Xxx
Less: Bonus in reduction of premium xxx
Claim intimated but not admitted xxx
Income tax provision xxx
Claim outstanding xxx
Bonus paid in cash xxx
Agents commission xxx
Premium payable under reinsurance xxx Xxx
Correct life assurance fund Xxx

Form of Revenue Account of Life Assurance Company

Particulars Schedule Year Ended Year Ended
No 31st March 31stMarch
(Current Year) (Previous Year)
Premium 1 Xxx
Income from investment Xxx
Other Income Xxx
Total(A) Xxx
Commission 2 Xxx
Operating Expenses relating to 3 Xxx
Insurance business
Total (B) Xxx
Benefit Paid 4 Xxx
Total(C) Xxx
Surplus Before Tax(A-B-C) Xxx
 Schedule No 1- Premium Earned

Particulars Year Ended Year Ended

31st March 31st March
(Current Year) (Previous Year)
Premium Received Xxx
Add : Premium outstanding (End) Xxx
Further Bonus in Reduction Of Premium Xxx
Reinsurance Premium accepted Xxx
Xxx
Less: Premium Outstanding(opening) Xxx
Reinsurance Premium ceded Xxx
Total Xxx
Income from Investment

Particulars Year Ended 31st Year Ended 31st

March(Current March(Previous
Year) Year)
Interest , Dividend and Rent received Xxx
Profit on sale of investment Xxx
Total Xxx
Other Income

Particulars Year Ended Year Ended

31st March 31st March
(Current Year) (Previous Year)
Consideration for annuities granted Xxx
Fines for revival of Policies Xxx
Policy renewal fees Xxx
Assignment fees Xxx
Endowment fees Xxx
Transfer fees Xxx
Fees received Xxx
Fines received Xxx
Total Xxx
Schedule No – 2 Commissions

Particulars Year Ended Year Ended

31st March 31st March
(Current Year) (Previous Year)
Commission Paid Xxx
Commission to Agent Xxx
Commission on direct business Xxx
Commission on reinsurance accepted Xxx
Less: Commission on reinsurance ceded Xxx
Total Xxx
 Schedule No: 3 Operating Expenses relating to Insurance Business

Particulars Year Ended Year Ended

31st March 31st March
(Current Year) (Previous Year)
Salary and Wages Xxx
Management Expenses Xxx
Medical Fees Xxx
Travelling Expenses Xxx
Director Fees Xxx
Auditor Fees Xxx
Rent, Rate and Tax Xxx
Law Charges Xxx
Advertising Xxx
Bank Charges Xxx
General Charges Xxx
Printing and Stationary Xxx
Postage and Telegram Xxx
Receipt Stamps Xxx
Depreciation on fixed assets Xxx
Actuarial Expenses Xxx
Agent and canvassers allowance Xxx
Total Xxx
Schedule No: 4 Benefits Paid

Particulars Year Ended Year Ended

31st March 31st March
(Current Year) (Previous Year)
Claims paid by Death Xxx
Claims paid by Maturing Xxx
Add :Claim Outstanding (End) Xxx
Less : Claim Outstanding(Opening) Xxx
Less: Claim under reinsurance Xxx
Less: Claim cancelled Xxx

Annuities Xxx
Surrenders Xxx
Bonus paid in Cash Xxx
Bonus paid with claims Xxx
Bonus in Reduction of premiums Xxx
Claim expenses Xxx
Further Claims intimated Xxx
Total Xxx
 Balance Sheet of Life Assurance Company
Particulars Schedule Year Ended Year Ended
No 31st March 31stMarch
(Current Year) (Previous Year)
Sources of fund:
Share capital 5
Reserves and surplus 6
Borrowing 7
Total
Applications of fund:
Investments 8
Loans 9
Fixed assets 10
Total – A
Current assets:
Cash and bank balance 11
Advances and other assets 12
Total –B
Current liabilities and provisions:
Current liabilities 13
Provision 14
Total – C
Net current assets(D)=B-C
Total application of funds (A+D)

Schedule No: 5 Share Capitals

Particulars Year Ended Year Ended

31st March 31stMarch
(Current Year) (Previous Year)
Equity share capital
Preference share capital
Share capital
Less: calls in arrears
Less: Preliminary expenses
Less: loss on issue of share
Schedule No: 6 Reserves and Surplus

Particulars Year Ended Year Ended

31st March 31stMarch
(Current Year) (Previous Year)
General reserves and reserve fund
Opening life assurance fund
Add: surplus transferred from future
appropriations any other reserve
 Schedule No: 7 Borrowings

Particulars Year Ended Year Ended

31st March 31stMarch
(Current Year) (Previous Year)
Borrowings through debentures/ bonds
Borrowings from banks / financial
institutions
Schedule No: 8 Investments

Particulars Year Ended Year Ended

31st March 31stMarch
(Current Year) (Previous Year)
Investments in government securities
Investments in shares , debentures and bonds
Foreign government securities
Shares in companies
Freehold ground rent
Schedule No: 9 Loans

Particulars Year Ended Year Ended

31st March 31stMarch
(Current Year) (Previous Year)
Mortgages in India and outside India
Loans on life policy
Loan on government securities
Loan on company policies
Less : Surrenders
Schedule No: 10 Fixed Assets

Particulars Year Ended Year Ended

31st March 31stMarch
(Current Year) (Previous Year)
Land and Building
Furniture, fittings and fixtures
Office equipment
Freehold and lease hold property
Schedule No: 11 Cash and Bank Balance

Particulars Year Ended Year Ended

31st March 31stMarch
(Current Year) (Previous Year)
Cash in hand and deposit
Cash at bank
Add: cheques paid into bank and in course of
collection
Less: cheques issued but not presented for
payment
 Schedule No: 12 Advances and Other assets

Particulars Year Ended Year Ended

31st March 31stMarch
(Current Year) (Previous Year)
Advances
Interest and dividend outstanding
Agents balance (Dr)
Amount due from other insurer
Advance of IT receipt
Claims covered under reinsurance
Stocks of stamps
Deposit with RBI
Premium outstanding
Schedule No: 13 Current Liabilities

Particulars Year Ended Year Ended

31st March 31stMarch
(Current Year) (Previous Year)
Sundry creditors
Outstanding claims
Claims admitted but not paid
Further claims intimated
Annuities due but not paid
Outstanding expenses
Agents balance(Cr)
Unpaid dividend
Premium received in advance
Total
Schedule No: 14 Provisions

Particulars Year Ended Year Ended

31st March 31stMarch
(Current Year) (Previous Year)
Provisions
Total
Schedule No: 15 Miscellaneous Expenditure

Particulars Year Ended Year Ended

31st March 31stMarch
(Current Year) (Previous Year)
Discount allowed in issue of
shares/Debentures
Other miscellaneous expenditure
Total
 Form of Revenue Account of General Insurance Company
Particulars Schedule Year Ended Year Ended
No 31st March 31stMarch
(Current Year) (Previous Year)
Premium 1 xxx
Profit on sale – redemption of
investments
Income from investment xxx
Other Income xxx
Total(A) xxx
Claims incurred 2
Commission 3 xxx
Operating Expenses relating to 4 xxx
Insurance business
Total (B) xxx
Operating profit / loss from xxx
business (A-B)

Schedule 1-Premium Earned (Net)

Particulars Year Ended on Year Ended on

31st March 31st March
(current year) (previous year)

Premium received
Add: Premium outstanding (end)
Less: Premium outstanding (beginning)
Less: Re-insurance premium paid
Net premium
Add: Opening provision/Reserve for
unexpired risk
Opening Additional Provision/Reserve for
unexpired risk
Less: Closing provision/Reserve for
unexpired risk
(For Fire insurance 50% of net premium
For Marine insurance 100% of net
premium)
Less: Closing additional provision/Reserve
for unexpired risk
Adjusted premium received
 Other incomes

Particulars Year Ended on Year Ended on

31st March 31st March
(current year) (previous year)

Consideration for annuities granted

Refund of double taxation
Rent of staff quarters deducted from salary
Fines for revival of policies
Policy renewal fees
Assignment fees
Endowment fees
Transfer fees
Fees received
Fines received
Sundry income

Schedule 2 – Claims incurred (Net)

Particulars Year Ended on Year Ended on

31st March 31st March
(current year) (previous year)

Claims
Add: Claims outstanding (end)
Less: Claims outstanding (beginning)
Less: Claims under re-insurance
Less: Claims cancelled
Net claims
Annuities
Surrenders
Bonus paid in cash
Bonus paid with claims
Bonus in reduction of premiums
Legal expenses regarding claims
Medical expenses
Further claims intimated

Schedule 3 -Commission

Particulars Year Ended on Year Ended on

31st March 31st March
(current year) (previous year)

Commission paid
Commission to agents
Commission on direct business
Commission on re-insurance accepted
Less: Commission on re-insurance ceded
 Schedule 4 – Operating expenses relating to insurance business

Particulars Year Ended on Year Ended on

31st March 31st March
(current year) (previous year)

Salaries and wages

Management expenses
Bad debts
Agents and canvassers allowance and
salaries
Travelling expenses
Director’s fees
Auditor’s fees
Medical fees
Rent, rates and taxes
Law charges
Advertising
Bank charges
General charges
Printing and stationery
Postage and telegram
Receipts stamps
Depreciation on fixed assets
Actuarial expenses